Prosecutors raid Upbit and Bithumb over crypto investment scandal

Former Democratic Party Rep. Kim Nam-kuk leaves his office at the National Assembly in western Seoul on May 9. [YONHAP]

 
Prosecutors raided the offices of Upbit and Bithumb, Korea’s two largest crypto exchanges, on Monday in connection with the investigation into a controversial cryptocurrency investment made by former Democratic Party lawmaker, now independent, Kim Nam-kuk.
 
The prosecutors’ earlier request for a search warrant to look into Kim’s case was denied by the court. 
 
Kim since last week has been implicated in massive cryptocurrency investments, most of which are minor tokens that are unknown. 
 
 
 
 
 

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]